India gold jewellery exports surged 14% in July, says GJEPC data

By Anil Mathews (ScrapMonster Author)

August 25, 2016 05:05:50 AM

NEW DELHI (Scrap Monster): The Indian gold jewellery exports surged higher considerably by nearly 14% year-on-year to $531.01 million (Rs. 3,568.92 Crore) in July 2016. Meantime, the country’s silver jewelry exports too rose modestly to $ 338.58 million (Rs. 2,275.61 Crore). This is in accordance with the latest official monthly data released by the country’s Gems and Jewellery Export Promotion Council (GJEPC).

The country’s gold jewellery exports during the same month last year had totaled $491.95 million (Rs. 3,130.29 Crore). The silver jewellery exports during July 2015 had amounted to $340.84 million (Rs. 2,168.77 Crore).

The cumulative gold jewellery exports during the initial four-month period of the current fiscal were up significantly when matched with the previous year. The exports totaled $2,968.93 million (Rs. 19,874.15 Crore) during Apr-July ’16 as compared with the exports of $2,502.19 million (Rs. 15,893.51 Crore) during the corresponding four-month period in 2015.

The silver jewellery exports increased considerably during the initial four months of the current fiscal. The exports were up by over 59% to $1,307.75 million (Rs. 8,758.33 Crore) during Apr-July ’16. India’s silver jewellery exports during April to July in 2015 had totaled $865.80 million (Rs. 5,506.85 Crore).

According to GJEPC, country's cut and polished diamond exports in July ‘16 touched $1,651.94 million, rising marginally over the previous year. The increase in rupee terms stood at 6.52%. The cumulative exports during Apr-July ‘16 too increased significantly by nearly 11% to $7,252.50 million.

The country’s exports of Coloured Gemstones recorded modest decline, dropping from $20.80 million during July ‘15 to $20.14 million during July this year. The combined exports during Apr-July ’16 too recorded marginal decline from $130.45 million during last year to $120.72 million. Also, the exports of Pearls declined to $0.25 million in July ‘16 from $0.42 million a year ago. On the other hand, exports of Synthetic stones increased significantly from $8.30 million in July 2015 to $11.63 million in July this year.

India's export of gold medallions & coins reduced to $409.60 million (Rs. 2,752.95) during the month of July this year. The exports during the same month a year before had totaled $426.85 million (Rs. 2,716.08 Crores). The export of Costume and Fashion Jewellery too declined from $1.41 million (Rs. 8.94 Crore) in July ’15 to $1.02 million (Rs. 6.85 Crore) during July this year. Meantime, export of Rough diamond from the country almost doubled in July ’16. The exports of Rough diamonds during the month totaled $110.39 million (Rs. 741.95 Crore).

The figures released by the country’s Export Promotion Council indicate that gold jewellery exports trended downwards in July when compared with June 2016. The exports of Colored gemstones recorded month-on-month decline. The export of gold medallions and coins surged higher during July ‘16 when matched with the previous month. Also, silver jewellery exports increased modestly in comparison with the previous month.

About GJEPC

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.